Corel has bucked the industry-wide trend of posting losses by returning a profitable second-quarter.
Derek Burney, chief executive officer, said the company is "pleased" with the results. He added: "Today's results confirm we are ahead of schedule in executing our new growth strategy. Over the short-term, we are moving rapidly to increase revenues by becoming a truly customer-centric organization. Our guiding philosophy is to anticipate our customer's needs."
restructured company's quarter ended May 31. Corel returned revenues of $36 million, compared to $36.6 million for the same quarter last year. The results also represent an 11 per cent increase over revenues for the previous quarter, which stood at $32.5, claims Corel. The company has $126.2 million in cash and equivalent reserves, compared to $9.8 million at the end of the second quarter 2000.
Turn around Corel's net income was $2.3 million, compared with a net loss of $23.6 million in the same quarter last year. The company has accrued $68.5 million in total revenues thus far this year.
John Blaine, Corel's chief financial officer, said: "This is the second consecutive quarter in which we have posted a profit - a significant achievement given the current economic uncertainty.
"We continue to improve Corel's financial position by managing our daily operations for long-term sustainable growth, rather than short term gains." The CFO believes that the results show how Corel has rationalized its business to make the company more efficient.
Corel released Bryce 5 for the Mac last week, the first in a series of five products designed with Macintosh creatives in mind. Burney confirmed the importance Corel attaches to its Mac plans, saying: "We have exciting plans in the works for the upcoming quarters, including the launch of a full complement of creative products optimized for Mac OS X."